China scrutinizes imported chemicals closely.
Beijing is looking into bringing certain plastic goods from the Western world. This is another move in the ongoing trade battle between the East and the West and a response to the protective tariffs implemented by the US and EU.
China's Ministry of Commerce has initiated an anti-dumping investigation into specific chemicals from the EU, the USA, Japan, and Taiwan. Based on the ministry's statement, the chemicals in question are "copolymerized paraformaldehyde," which can "partially replace copper, zinc, tin, lead, and other metal materials". These chemicals have applications in various sectors such as autos, appliances, and machinery. Foreign trade's dumping refers to a product being sold below its manufacturing cost, which violates fair trade regulations.
The investigation is expected to wrap up within twelve months. However, it could be extended for an extra six months "in special circumstances," according to the ministry.
This action by the Chinese government is perceived by experts as a retaliation to the recent trade tiffs between China and the West. Last week, Biden, the US President, imposed a hefty 100% tax on imported electric vehicles from China. The EU is currently investigating China's impact on the market for electric cars and is yet to make a decision on imposing punitive tariffs.
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Source: www.ntv.de
